International Review of Financial Analysis最新文献_第2页

Financial uncertainties drive extreme risks in China 金融不确定性给中国带来极端风险

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-15 DOI: 10.1016/j.irfa.2025.104347

Xinya Wang , Brian M. Lucey , Shupei Huang

{"title":"Financial uncertainties drive extreme risks in China","authors":"Xinya Wang , Brian M. Lucey , Shupei Huang","doi":"10.1016/j.irfa.2025.104347","DOIUrl":"10.1016/j.irfa.2025.104347","url":null,"abstract":"<div><div>The identification of primary financial uncertainties driving extreme risks is a challenging task due to the unobservability of uncertainty and pseudo-significance in data-rich environments. While previous study mainly focuses on specific uncertainty that tightly linked to specific theoretical notions or limited datasets and its driving ability to the systemic risk in the financial markets, this study investigates the impacts of a bundle of financial uncertainties on extreme risks using a robust empirical framework. By constructing financial uncertainty indices that exclude the entire forecastable component from a big data sample set and assessing extreme financial risk through Expected Shortfall (ES), then identifying multiple financial uncertainties that significantly influence extreme risks. The findings indicate that China's financial uncertainties volatile with greater magnitude and less frequently compared with the extreme risks. From statical perspective, uncertainties from the central bank, deposit and loan, foreign exchange, and stock systems are primary robust drivers of extreme risks during the overall sample period. Dynamically, the robust positive relationship between multiple financial uncertainties and risks shifts from strong to weak and then a partial rebound. The uncertainty of deposit and loan systems act as a more significant driver during the global financial crisis period, while the uncertainty of stock and bond systems are more dominant in the epidemic period. These results emphasize the importance of considering different types of financial uncertainties and time-varying features when assessing financial stability, providing valuable insights for policymakers and financial market participants for risk management.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104347"},"PeriodicalIF":7.5,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bank information rents and loan pricing: How U.S. banks extract higher spreads than European banks 银行信息租金和贷款定价：美国银行如何获得比欧洲银行更高的利差

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-15 DOI: 10.1016/j.irfa.2025.104345

Xiaodan Li , Run-Chuan Qin , Wei-Zhong Shi , Min-Teh Yu

引用次数: 0

In the swirl of rumors: Corporate rumors and analyst forecast dispersion 在谣言的漩涡中：企业的谣言和分析师的预测分散

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-15 DOI: 10.1016/j.irfa.2025.104346

Wenwu Cai , Yuyang Zhao , Haohua Li , Zhongyi Xue

引用次数: 0

Improving firm performance through big data analytics capability: The role of corporate digital entrepreneurship and institutional support 通过大数据分析能力提高企业绩效：企业数字创业和制度支持的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-15 DOI: 10.1016/j.irfa.2025.104344

Jianmin Song , Qianxi Huang , Haohua Li , Ping Yang

引用次数: 0

CEO war trauma and corporate tax avoidance 首席执行官战争创伤和企业避税

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-15 DOI: 10.1016/j.irfa.2025.104343

Seunghyun Cho , Jinhan Pae , Choong-Yuel Yoo

引用次数: 0

Can government green subsidies improve corporate labor income share? 政府绿色补贴能提高企业劳动收入份额吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-14 DOI: 10.1016/j.irfa.2025.104340

Chunyang Zhang , Xin Liu

引用次数: 0

The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty 欧洲碳排放交易制度对欧洲股票市场收益的非对称影响：油价不确定性的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-13 DOI: 10.1016/j.irfa.2025.104324

Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh

{"title":"The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty","authors":"Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh","doi":"10.1016/j.irfa.2025.104324","DOIUrl":"10.1016/j.irfa.2025.104324","url":null,"abstract":"<div><div>The first objective is to examine the asymmetric impact of European Union carbon emission trading system (EU-ETS) and oil price uncertainty (OPU) on the quantiles of European equity market returns. After confirming nonlinear dynamics in the daily time-series data for EU-ETS, OPU, and European stock returns, we use the quantile-based autoregressive distributive lag (QARDL) model. The second objective is to analyze OPU's moderating impact on dynamic conditional correlations (DCCs) and asymmetric dynamic conditional correlations (ADCCs) between EU-ETS returns and European equity market returns. To extract DCCs and ADCCs between carbon and stock returns, we employ the DCC-EGARCH and ADCC-EGARCH approaches with a range of robustness diagnostics. Thirdly, we utilize the hedge ratio and optimal portfolio weight selection approaches, guided by the DCC-GARCH-t copula method, to examine the hedging effectiveness (HE) against long-term OPU shocks through short-term positioning in European financial market returns and EU-ETS returns. Overall findings reveal asymmetric spillovers in extreme conditions, negatively affecting Belgian and Spanish firms in the long term due to EU-ETS-induced price increases. Long-term investors are advised to consider reallocating investment funds to the stock markets that are favorably impacted by EU-ETS fluctuations (Finland, France, Germany, Ireland, Italy, and the Netherlands) to achieve optimal gains during bullish equity market trends. However, simultaneous short-term negative OPU effects are observed in all economies' stock markets at all quantiles. The results also underscore OPU's moderating impact on stock‑carbon conditional connectedness, emphasizing the need for fund managers to acknowledge OPU as a moderating risk factor for carbon-stock hedging effectiveness.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104324"},"PeriodicalIF":7.5,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of financial decentralisation on industrial structure upgrading: From the coordination perspective of fiscal decentralisation 财政分权对产业结构升级的影响：基于财政分权的协调视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-13 DOI: 10.1016/j.irfa.2025.104301

Tianqi Zhu , Lijuan Zhao , Lu Zhao , Xiaohong Kang

{"title":"Impact of financial decentralisation on industrial structure upgrading: From the coordination perspective of fiscal decentralisation","authors":"Tianqi Zhu , Lijuan Zhao , Lu Zhao , Xiaohong Kang","doi":"10.1016/j.irfa.2025.104301","DOIUrl":"10.1016/j.irfa.2025.104301","url":null,"abstract":"<div><div>The upgrading of industrial structure is the driving force of economic transformation. This study explores the quantitative relationship between fiscal decentralisation, financial decentralisation and industrial structure upgrading. The results show that: (1) Financial decentralisation has a positive impact on the industrial structure advancement, and fiscal decentralisation has a positive impact on the industrial structure rationalisation. (2) Financial decentralisation has a positive spillover effect on the industrial structure rationalisation of neighbouring cities, while fiscal decentralisation has a negative spillover effect on the industrial structure advancement of neighbouring cities. (3) When fiscal decentralisation exceeds the threshold, the impact of financial decentralisation on the industrial structure advancement in non-coordinated cities shifts from positive to negative, while in coordinated cities, the impact remains positive. (4) When fiscal decentralisation exceeds the threshold, the impact of financial decentralisation on the industrial structure rationalisation in non-coordinated cities turns from negative to positive, while in coordinated cities, the impact is not significant.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104301"},"PeriodicalIF":7.5,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144089110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Greening the retail banking industry: Evidence from German bank account consumers 绿色零售银行业：来自德国银行账户消费者的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104326

Sophie Maria Anneke Klein , Friedemann Polzin

{"title":"Greening the retail banking industry: Evidence from German bank account consumers","authors":"Sophie Maria Anneke Klein , Friedemann Polzin","doi":"10.1016/j.irfa.2025.104326","DOIUrl":"10.1016/j.irfa.2025.104326","url":null,"abstract":"<div><div>While investor behaviour in relation to sustainable finance products has recently received scholarly attention, consumer adoption of these products remains poorly understood. This study investigates the reasoning behind adopting sustainable bank accounts at the household level using a quantitative approach with a nationally representative sample of 1501 consumers in Germany. The most important determinant for adopting these accounts was sustainable finance self-efficacy – in other words, the perceived impact that the consumer can make by using the product. Other significant determinants include the consumers' willingness to pay a premium for the sustainability characteristic. Sustainable values, trust in bank in provider, and financial literacy are less relevant drivers of adoption. The study identified five distinct consumer clusters with different levels of adoption to generate more targeted industry and policy responses due to limited uptake. The results highlight the need for product providers and policymakers to raise awareness of the impact of private finances on sustainability in order to accelerate the adoption of sustainable banking products.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104326"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Gender and ESG investing: Same behavior but different motivations 性别与ESG投资：相同的行为，不同的动机

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104327

Cynthia Assaf , Jérôme Monne , Loic Harriet

{"title":"Gender and ESG investing: Same behavior but different motivations","authors":"Cynthia Assaf , Jérôme Monne , Loic Harriet","doi":"10.1016/j.irfa.2025.104327","DOIUrl":"10.1016/j.irfa.2025.104327","url":null,"abstract":"<div><div>How does gender influence ESG (Environmental, Social, Governance) investing behavior? Using survey data from a sample of French investors, we primarily find no significant gender differences in the proportion of ESG funds or stocks held, nor in the <em>willingness to pay</em> to invest in a firm with a high ESG score. However, this lack of significance results from two simultaneous significant indirect gender effects acting in opposite directions. On the one hand, women, compared to men, are found to more strongly endorse specific sustainability criteria related to the fight against discrimination, which, in turn, increases the adoption of socially responsible investing behavior. On the other hand, women's weaker interest in great global environmental challenges results in a decrease in their ESG exposure. These attitudinal differences by men and women align with findings in social psychology literature, which suggests that women's adoption of pro-social/environmental behaviors is typically motivated by <em>communal</em> attitudes (i.e. community-oriented), whereas for men, such behaviors are more often driven by <em>agentic</em> motivations (self-rewarding). A clearer segmentation of ESG investment products, focusing on gender-specific preferences, could improve their adoption by both women and men, and help firms meet MiFID II's requirements by better aligning with investors' preferences.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104327"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144089113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0